ADP payroll giant on MEXC futures: ADPSTOCK_USDT keeps fading from 304.77, short below 302.08

MEXC listed ADPSTOCK_USDT at about 10:28 AM ET today. It is a USDT-margined perpetual on Automatic Data Processing.

Who ADP is

ADP runs payroll, HR and benefits software for hundreds of thousands of employers, and its monthly private payrolls report is a widely watched US jobs datapoint. The stock is a defensive, cash-flow heavy large cap.

Specs

• 20x max leverage, 0.001 ADP per contract.
• 0% maker, 0.02% taker.

MEXC data (3:35 PM ET)

• Last 299.89, index 299.97, -0.39%.
• Session range 298.97 to 304.77. The high came at the open, the low near 2:00 PM ET.
• 24h volume about 23.0K USDT. Open interest 22,692 contracts, roughly 6.8K USDT.
• Funding -0.02%, shorts paying.

Bias: SHORT

The high came right at the open, and the last 4 hours could not get back above 302.08. The last hour went sideways between 299.2 and 300.0 near the lows, which looks more like a pause than a base. A break of 298.97 extends the leg.

The catch is the negative funding, which makes holding the short a bit expensive, so this is a structure trade, not a carry trade.

Invalidation: a 15m close above 302.08.

New contract, thin book, US-hours underlying. Small size.